20 CSR 2250-4.070 - Partnership, Association, or Corporation License
(1) Every partnership, association, or
corporation must obtain a separate and distinct real estate broker license
before transacting business as a broker pursuant to Chapter 339, RSMo. If the
partnership, association, or corporation wishes to do business under an assumed
or fictitious name, it shall first comply with
20 CSR
2250-4.030 regarding registration of the
name.
(2) Before a broker license
will be issued to a partnership, association, or corporation, each partner in a
partnership or each associate in an association or each officer of a
corporation, who actively participates in the supervision of the real estate
brokerage business of the firm, as defined in the license law, shall hold the
appropriate broker license and each broker-salesperson or salesperson
associated with the firm who engages in activities defined in the license law
shall hold the appropriate license. In addition, each brokerpartner,
broker-associate, or broker-officer shall retain a comparable position/title
within the firm. An individual that maintains a salesperson license may also
hold an officer title within a corporation.
(3) At the time of issuance of a partnership,
association, or corporation license, the applicant shall make application to
the commission on a form approved by the commission which shall include the
following:
(A) The full name of the firm, the
address of its principal place of business, and a statement as to its form of
organization;
(B) The name,
residence, and business addresses of each Missouri-licensed partner in a
partnership, associate in an association, or officer of a
corporation;
(C) The name and
business address of the broker-partner, broker-associate, or brokerofficer who
has been designated by the firm as responsible for contact with the commission
on business of the firm and to whom the commission will address its
correspondence;
(D) The address of
each branch office of the firm which engages in the activities outlined in
Chapter 339, RSMo, and the name of the person in charge of the business at that
address;
(E) If applying for a
corporation license, a copy of the certificate of incorporation must be
provided; and
(F) A statement that
the information furnished is complete, true, and correct in all respects and
that the entity is currently in good standing with the secretary of state. The
commission must be notified in writing within ten (10) days of every change in
a partnership, association, or corporation which changes any information
furnished or causes the information to be incomplete. The designated broker for
the firm shall be responsible for the notification.
(4) A change in the name of a partnership,
association, or corporation shall require the filing of a new application with
the commission accompanied by the required fee, the previously issued license
and documentation from the secretary of state acknowledging the name
change.
(5) A person qualifying for
or renewing a broker license as a partner, associate, or officer in a licensed
firm shall be issued a license as a broker-partner, broker-associate, or
broker-officer, as the case may be. At the request of the holder, any such
license in good standing may be converted by the commission to an individual
broker, broker-salesperson, or inactive broker license on a form approved by
the commission and accompanied by the required fee.
(6) Any person who qualifies as a broker may
also be licensed as a broker-officer, brokerassociate, or broker-partner or any
combination of the four (4) types of broker licensure.
(7) The holder of a broker-partner,
brokerassociate, or broker-officer license is not required to maintain a
separate escrow or trust account while affiliated with a licensed
entity.
(8) When a broker-partner,
broker-associate, or broker-officer license is returned to the commission, the
licensee shall have six (6) months in which to change status or reinstate the
license. If the application to change status or reinstate the license is not
made within the six- (6-) month period, the applicant will be required to
complete the required Missouri Real Estate Practice Course and show proof of
satisfactory completion of that course within six (6) months prior to
reinstatement of the license. If the license is not reinstated or placed on
inactive status within the subsequent renewal period, the licensee will be
required to requalify as if an original applicant.
Notes
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